Tuesday, February 3, 2015
New Signal NZD/USD
*Trade Update: As of 02/06/2015 @ 7:42 EST The Global Currency Scalper liquidated its NZD/USD position ahead of the all important NFP with a gain of 24.4 Pips. This pair could move higher with this morning's announcement but we are not going to risk losing our profit which was a grind to achieve.
As of 02/03/2015 @ 4:13 EST:
We have identified a possible long trade in NZD/USD. As you can see from the chart this pair has been trending down since July of 2014 but with this mornings spike down we may have reached an exhaustion level. Within the next couple of hours we get unemployment data out of New Zealand and RBNZ Governor Wheeler speaking, our guess is he will be trying to prop up his currency. This exhaustive move this morning could be signaling a short-term bounce may be at hand.
The Global Currency Scalper will be taking a long position in NZD/USD with a break of 0.74136 with forecast of 0.74970 which is the 23.6% Fibonacci level, beyond that we could see the figure of 0.76000 but one hurdle at a time. We will place our stop with a break of 0.72279, if this pair trades through this level without initiating a position our view will turn neutral and further evaluation will be needed.